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Explain the key issues in relation to the developing nations concerning Economic development and economics growth.
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Economics Essay No.1 Jong Bae, Moon - Explain the key issues in relation to the developing nations concerning ; Economic development and economics growth. There is a tendency to think of economic growth and economics development as being the same. However, this is not the same case. Economic growth occurs where there is an increase in the level of output of a country. Economic growth occurs where there is an increase in the actual amount of goods and services produce in one year. Only when the real volume of GDP (Gross Domestic Product) and the circular flow of income has increased can the economic growth be said to have occurred. It is a macro economic variable and can be measured in a fairy straight forward fashion development is a much broader concept involving non-economic and often quite intangible improvement to the standard of living. Economic Development is a broader concept than economic...
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